PHNOM PENH: The Royal Government of Cambodia collected some US$2,909 million in revenue from tax and customs in the first half of 2024, representing 46 percent of the target set for 2024, pointed out a report of the Ministry of Economy and Finance on Monday.
The country has two institutions responsible for collecting taxes, namely the General Department of Customs and Excise (GDCE), which collects taxes on goods entering and leaving the country, and the General Department of Taxation (GDT), which focuses on interior taxes such as income tax, salary tax, value added tax, and property tax. Both are under the Ministry of Economy and Finance.
The ministry said in the report that GDT made US$1,710 million as tax income, or 48 percent of the yearly target, while GDCE earned US$1,199 million, or 44 percent of the set target.
“Tax and customs revenue collection throughout 2024 could reach more than US$5 billion, or 85.5 percent of the 2024 financial plan because the income tax collected in the first half of 2024 did not meet the target,” the ministry explained.
The target set for tax and customs income in 2024 is more than US$6.2 billion.
In 2023, GDT collected US$3,600 million in tax revenue, representing 101.13 percent of the 2023 plan, whereas GDCE made about US$2,288 million, or 82.4 percent of the plan.